Insurance Coverage = 50% of your income (per annum) + 100% of medical expenses incurred in the last 3 years |
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So, let’s say that your annual income comes up to ₹8,50,000 and that you incurred medical expenses of around ₹2,50,000 in the last three years for your parents. Going by this formula, you should opt for insurance coverage of at least ₹6,75,000 [50% of ₹8,50,000 + 100% of ₹2,50,000].
Your Parents’ Requirements
Now, the health insurance coverage formula mentioned above is not a hard and fast rule. It is designed to only give you an approximate idea of the amount of coverage that you would have to opt for health insurance for senior citizens.
To ensure that your parents are insured appropriately, you would have to consider their requirements as well. For instance, if your parents’ medical history puts them at an elevated risk of developing certain diseases or ailments, you should ensure that the health insurance plan that you opt for provides the coverage necessary to tackle them.
Also, another major factor that you need to consider is the tenure of the plan. It is advisable to opt for the longest possible tenure. This will ensure that your parents stay covered for as long as possible.
Coverage for Pre-Existing Diseases
Not all health insurance plans cover pre-existing diseases or ailments. And even if they do, the waiting periods may vary from one policy to another. Therefore, this is something that you should account for when shopping for health insurance for senior citizens.
So, if your parents are battling with any pre-existing diseases, you should look to opt for a plan that covers all of them. And while you’re at it, also consider purchasing health insurance that has the least waiting period. Doing so will make sure that the coverage not only kicks in early on but also reduces the total out-of-pocket expenditure.
Inclusions and Exclusions
When you read through the policy document of health insurance for senior citizens, you will find a list of inclusions and exclusions. Inclusions are situations that the insurance policy covers and exclusions are situations that it doesn’t cover.
It is crucial to thoroughly peruse this list before proceeding to purchase a health insurance plan. Being aware of the situations where the health insurance plan for your parents doesn’t provide coverage can help you plan your finances in a much better manner.
Conclusion
In addition to the factors listed above, you should also spend some time choosing the right health insurance riders if you’re planning to ensure that your parents are comprehensively protected. A rider that you should seriously consider opting for is the critical illness rider, which covers specified critical illnesses like heart diseases, strokes, cancers, tumours, and more. Carefully looking into the aspects mentioned above allows you to purchase comprehensive health insurance for senior citizens that is capable of providing your parents with complete protection from the financially draining effect of medical treatments.
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